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The Rise of China and Its Implications

In: Chinese Business

Author

Listed:
  • Chee Kiong Tong

    (Universiti Brunei Darussalam
    National University of Singapore)

Abstract

The Chinese economy has witnessed phenomenal growth over the past 20 years. Since opening up to economic reforms in 1979, China has become one of the world’s fastest growing economies, with real annual gross domestic product (GDP) averaging nearly 10 % in 2011. In recent years, China has emerged as a major global economic and trade power. It is the world’s second largest economy and one of the top destinations for foreign direct investment. This chapter traces the development of China’s economy and examines the implications of China’s burgeoning economy for its Asian neighbours, especially Singapore. It argues that ethnic linkages are still important for doing business in China and that guanxi and xinyong continue to play a role as overseas Chinese start investing in China. While many Chinese businessmen’s foremost consideration in deciding on investments is profitability and economic opportunities, cultural affinities can facilitate effective personal and business relationships with the China Chinese. Being Chinese has become a form of ethnic networking, exploiting ties with co-ethnics with the China Chinese to do business.

Suggested Citation

  • Chee Kiong Tong, 2014. "The Rise of China and Its Implications," Springer Books, in: Chee-Kiong Tong (ed.), Chinese Business, edition 127, chapter 0, pages 131-144, Springer.
    • Handle: RePEc:spr:sprchp:978-981-4451-85-7_8
    DOI: 10.1007/978-981-4451-85-7_8
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